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Five commercial banks have been queried for manipulating foreign exchange forex transaction rates, The Nation learnt at the weekend. The Central Bank of Nigeria CBN detected the rate manipulations following the mandatory rendition of forex returns and compliance with anti-money laundering regulations. The identities of the banks were not clear as at press time. But a CBN statement yesterday admitted that some of the queried lenders manipulated forex rates.

Although the statement was silent on the number of the affected banks, industry sources said five lenders were internaational and may face sanctions. Round-tripping a serious financial crime, has become more rampant after the CBN introduced the flexible forex policy which devalued the naira by over 40 per cent against the dollar. The policy shift created a huge gap between the official and parallel market rates. About 20 to 25 per cent of the volume of forex traded in the country is from autonomous sources, usually diverted into the parallel market through round-tripping.

The naira was on Friday trading at N to dollar in the official market and N to the dollar in the parallel market, raising the temptation of rate manipulation among banks desperately looking for free funds to forex forex forex system system trading us 400m their profits. Some have returned a response indicating that foorex of the figures were related to formatting errors which do not affect the true rates of the affected transactions.

Since the introduction of the new forex policy inwe have published, monthly, the evidence of sale from DMBs, as received from the banks and without any alteration by us in the spirit of transparency. The CBN said the harvest international forex trading sale under the new policy was most transparent and not intended to benefit any individual or corporate body in anyway. There have been several allegations against the CBN on irregularities in the rates at which forex were obtained by some individuals and companies from banks under the new foreign exchange policy, which prioritises forex sales to manufacturers, agriculture, plant and machinery and critical raw materials, among others.

Playing prominently in the funding are FirstBank, Zenith Bank, Access Bank, Unity Bank, Union Bank, Wema Bank, and Sterling Internatiknal. The report, which was for November, listed some of the beneficiaries as Internationsl Motors, Dangote Industries, Harvest international forex trading N Go Limited, Flour Mills Nigeria, GX Foods Limited and PZ Cussons. Others are Indorama Eleme Petrochemicals Limited, Fidson Healthcare Limited, Okomu Oil Palm, MTN Nigeria Communications, Nestle Nigeria Plc, Nigerian Breweries Plc and Nigerian Bottling Company Limited among others.

The forex utilisation report was meant to promote transparency and accountability on the side of the lenders which act as a link between the regulator and the forex users. The CBN said providing forex to the manufacturers and other tradlng players in the economy was meant to enable it keep its promise to strengthen the real sector of the economy by ensuring that 60 per cent of available forex is used to procure industrial inputs, such as raw materials, machine spare-parts, telecom equipment, plastic raw materials, agricultural machines and pre-payment meters, amongst others.

The Tradijg has also expressed its commitment to ensuring that manufacturers of harvesr for which Nigeria does not enjoy comparative advantage are able to get LCs to import materials for their businesses. The exercise, the CBN insists, will provide a new lease of life in the manufacturing sub-sector, and also boost industrial output and employment. The regulator said it will continue to support and facilitate hitch-free procurement of industrial inputs to harvest international forex trading production in the manufacturing sector.

The gesture, the CBN said, buttresses its commitment to rejuvenate and sustain industrial activities and keeping jobs. Are the bail conditions for IPOB leader, Nnamdi Kanu too stringent? CBN queries five banks for manipulating forex rates. On: January 30, January 30, In: NewsNews Update. The CBN said it neither allocates foreign exchange nor does it deal directly with bank customers adding that it also does not fix forex rates for transactions by individuals or companies.

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